Canaccord Genuity analyst T. Michael Walkley raised his price target on Apple shares to $444 from $310 on the potential for strong 5G-capable iPhone sales.
“Apple is well-positioned to benefit from the long-term 5G investment cycle and we anticipate recovering earnings in 2H/C20 and C2021 as 5G smartphones ramp, the installed base of users grows, and ecosystem service and adjacent hardware sales benefit,” Walkley said in a late Wednesday note to clients.
He wrote that iPhone sales likely improved as the June quarter went on, despite store closures.
He’s also upbeat about the forthcoming iPhone 12 and upped his calendar 2021 iPhone unit sales estimates to 194 million from 181 million.
MacDailyNews Take: Alogn with his $444 Apple price target, Walkley has a buy rating on the company’s stock which, although down is early trading today, is up some 35% over the past three months.